President Obama is expected to announce $2.4 billion in grants during a visit to Indiana today. The funding aims to establish U.S. manufacturing for advanced batteries that are expected to be the key component for electric and hybrid vehicles of the future.
The Big Three automakers in the U.S.–General Motors, Ford and Chrysler Group–have each applied for grants, as well as numerous U.S. battery makers that are hoping to to build a commanding market share, such as Valence Technology, Inc. (NASDAQ: VLNC) and A123Systems.
Administration officials said 48 projects in 25 states would receive funding according to a Reuters report.
Companies producing batteries and releated components will receive $1.5 billion, while $500 million will go to companies producing electric motors. The remaining $400 million will fund testing plug-in hybrids and all-electric vehicles.
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